Your company will provide your clients the fair value of properties that are currently on the market. The fair value will be determined by your company's proprietary statistical approach, which you plan to develop.

The possible determinants of property prices that you consider for your pricing model are size (in square feet), height (in storey), age (in years), freehold versus leasehold, distance to the nearest MRT station, whether the property is within 1 kilometre to top primary schools or not, and whether the property is within the central area or not. (Note "Freehold" refers to a perpetual lease on a property. "Leasehold" refers to a property lease that expires after a certain number of years.)

(a) Implement an appropriate statistical method to uncover the "fair price" of the property

(b) Describe how you would evaluate whether your statistical method "fits" the data well

(c) Using your statistical approach, how would you determine which property is the most undervalued?

(d) Using not more than 500 words, write an executive report for your client (a non expert in statistics) to explain how your method works, what are the potential issues with your approach, and how your client should interpret the results of your fair value estimates